March’s median sold price increased to $150,000 – a 3.4 percent over February’s median of $145,000. Year-over-year, March’s median sold price is down 6.3 percent.
March’s median sold price per square foot (ppsf) also increased – rising an impressive 3.5 percent over February’s number to $84.96/sf. Sold PPSF is down 7.2 percent year-over-year.
The number of houses sold in March set another month-specific record coming in at 516 units sold for the month.
The increase sales activity, in conjunction with less properties entering the market, has wreaked havoc with inventory levels. At the moment there are only 809 houses listed as Active on the MLS – currently equivalent to 1.6-month supply of inventory. Long-time agents I’ve talked with tell me that they have never seen an inventory level this low.
March sales by type break out as follows:
- REO sale: 32% – down from February’s 42%
- Short sales: 34% – up from February’s 28%
- Equity sales: 33% – up from February’s 29%
As fewer REOs enter the market (because of AB 284) we’re seeing fewer sales of REO properties.
March sales by price band break out as follows in the table below. Note that 21% of the houses sold in March sold for less than $100,000; 70% sold for less than $200,000; and 87% sold for less than $300,000. We are beginning to see increased sales in the higher price bands.
| sales price ($000’s) | units sold |
| 0 – 99 | 110 |
| 100 – 199 | 246 |
| 200 – 299 | 93 |
| 300 – 399 | 35 |
| 400 – 499 | 14 |
| 500 – 599 | 8 |
| 600 – 699 | 4 |
| 700 – 799 | 0 |
| 800 – 899 | 1 |
| 900 – 999 | 3 |
| 1M+ | 2 |
| total | 516 |
For those readers who prefer the median sold price for houses and condos combined,
March’s 603 sold houses, condos and town homes exhibited a combined median sold price of $140,400 – UP 7.6 percent from February’s combined median of $130,500 for 532 combined sales.
Historical data follows:
| Month Year | # Sold | Sold Price | Sold Price per Sq Ft | Avg/Med DOM | # of Actives | # of Pendings |
| Mar 2012 | 516 | $150,000 | $84.96 | 145 / 107 | 809 | 1,889 |
| Feb 2012 | 463 | $145,000 | $82.12 | 131 / 99 | 980 | 1,788 |
| Jan 2012 | 447 | $135,000 | $81.07 | 145 / 123 | 1,170 | 1,643 |
| Dec 2011 | 536 | $155,000 | $85.66 | 148 / 123 | 1,403 | 1,481 |
| Nov 2011 | 497 | $149,012 | $85.02 | 146 / 115 | 1,545 | 1,635 |
| Oct 2011 | 496 | $148,250 | $84.22 | 145 / 106 | 1,682 | 1,646 |
| Sep 2011 | 575 | $149,000 | $83.73 | 133 / 106 | 2,044 | 1,967 |
| Aug 2011 | 554 | $154,000 | $91.34 | 125 / 98 | 1,947 | 1,694 |
| July 2011 | 512 | $149,950 | $87.65 | 128 / 96 | 2,028 | 1,667 |
| June 2011 | 538 | $154,000 | $90.12 | 123 / 89 | 1,990 | 1,689 |
| May 2011 | 510 | $150,000 | $88.66 | 133 / 104 | 1,968 | 1,682 |
| Apr 2011 | 436 | $156,125 | $89.78 | 137 / 104 | 1,914 | 1,593 |
| Mar 2011 | 511 | $160,000 | $91.59 | 132 /113 | 1,906 | 1,497 |
| Feb 2011 | 387 | $161,000 | $93.35 | 142 / 115 | 1,882 | 1,416 |
| Jan 2011 | 365 | $157,000 | $92.35 | 152 / 129 | 1,970 | 1,329 |
| Dec 2010 | 485 | $165,000 | $94.31 | 143 | 2,021 | 1,148 |
| Nov 2010 | 398 | $170,000 | $96.43 | 139 | 2,060 | 1,376 |
| Oct 2010 | 418 | $174,950 | $98.57 | 135 | 2,146 | 1,371 |
| Sep 2010 | 467 | $168,000 | $97.52 | 132 | 2,186 | 1,473 |
| Aug 2010 | 450 | $180,000 | $97.54 | 127 | 2,222 | 1,513 |
| Jul 2010 | 415 | $180,000 | $101.84 | 128 | 2,158 | 1,580 |
| Jun 2010 | 602 | $170,000 | $100.52 | 145 | 1,966 | 1,625 |
| May 2010 | 450 | $175,807 | $102.37 | 138 | ||
| Apr 2010 | 510 | $179,995 | $103.13 | 128 | ||
| Mar 2010 | 477 | $175,000 | $99.14 | 141 | ||
| Feb 2010 | 338 | $170,000 | $101.68 | 138 | ||
| Jan 2010 | 346 | $167,000 | $97.06 | 134 | ||
| Dec 2009 | 424 | $178,000 | $101.28 | 126 | ||
| Nov 2009 | 461 | $175,000 | $103.61 | 112 | ||
| Oct 2009 | 561 | $180,000 | $103.52 | 123 | ||
| Sep 2009 | 520 | $185,948 | $103.31 | 128 | ||
| Aug 2009 | 482 | $179,900 | $102.64 | 116 | ||
| Jul 2009 | 515 | $180,000 | $103.45 | 126 | ||
| Jun 2009 | 536 | $180,317 | $104.09 | 136 | ||
| May 2009 | 426 | $175,000 | $102.29 | 139 | ||
| Apr 2009 | 429 | $190,000 | $105.71 | 133 | ||
| Mar 2009 | 369 | $200,000 | $105.85 | 133 | ||
| Feb 2009 | 293 | $205,000 | $111.52 | 132 | ||
| Jan 2009 | 233 | $200,000 | $113.04 | 117 | ||
| Dec 2008 | 294 | $218,950 | $121.74 | 145 | ||
| Nov 2008 | 269 | $220,000 | $122.24 | 152 | ||
| Oct 2008 | 354 | $230,000 | $131.43 | 144 | ||
| Sep 2008 | 358 | $239,250 | $136.72 | 145 | ||
| Aug 2008 | 321 | $250,000 | $142.14 | 140 | ||
| Jul 2008 | 397 | $251,000 | $145.48 | 139 | ||
| Jun 2008 | 369 | $262,500 | $148.05 | 142 | ||
| May 2008 | 314 | $260,215 | $152.30 | 134 | ||
| Apr 2008 | 314 | $275,000 | $154.05 | 172 | ||
| Mar 2008 | 238 | $274,000 | $150.93 | 166 | ||
| Feb 2008 | 195 | $289,000 | $156.48 | 149 | ||
| Jan 2008 | 165 | $285,000 | $170.23 | 146 | ||
| Dec2007 | 228 | $283,950 | $167.22 | 143 | ||
| Nov2007 | 204 | $299,750 | $172.24 | 126 | ||
| Oct2007 | 241 | $296,000 | $173.55 | 116 | ||
| Sep2007 | 230 | $299,945 | $179.46 | 114 | ||
| Aug2007 | 311 | $305,000 | $182.49 | 118 | ||
| Jul2007 | 300 | $315,000 | $189.78 | 113 | ||
| Jun2007 | 329 | $320,000 | $196.78 | 104 | ||
| May2007 | 364 | $313,200 | $190.81 | 107 | ||
| Apr2007 | 320 | $309,500 | $193.93 | 121 | ||
| Mar2007 | 324 | $315,000 | $189.61 | 121 | ||
| Feb 2007 | 269 | $315,000 | $191.18 | 126 | ||
| Jan 2007 | 245 | $312,900 | $199.79 | 133 | ||
| Dec2006 | 291 | $309,000 | $193.51 | 114 | ||
| Nov2006 | 281 | $318,000 | $197.32 | 111 | ||
| Oct 2006 | 363 | $312,400 | $201.44 | 105 | ||
| Sep2006 | 344 | $314,950 | $198.08 | 98 | ||
| Aug2006 | 349 | $325,000 | $210.92 | 94 | ||
| Jul2006 | 373 | $335,000 | $210.62 | 93 | ||
| Jun2006 | 424 | $339,000 | $214.54 | 91 | ||
| May2006 | 374 | $339,950 | $219.05 | 99 | ||
| Apr2006 | 368 | $334,600 | $212.08 | 88 | ||
| Mar2006 | 387 | $340,000 | $215.54 | 99 | ||
| Feb 2006 | 283 | $335,000 | $217.29 | 101 | ||
| Jan 2006 | 274 | $365,000 | $216.38 | 98 | ||
| Dec2005 | 333 | $355,000 | $217.31 | 89 | ||
| Nov2005 | 385 | $349,000 | $220.00 | 81 | ||
| Oct2005 | 484 | $359,450 | $223.06 | 77 | ||
| Sep2005 | 531 | $354,500 | $219.26 | 77 | ||
| Aug2005 | 582 | $360,500 | $220.52 | 73 | ||
| Jul2005 | 608 | $353,000 | $218.99 | 71 | ||
| Jun2005 | 679 | $350,000 | $215.69 | 69 | ||
| May2005 | 644 | $333,250 | $209.95 | 68 | ||
| Apr2005 | 558 | $326,750 | $207.57 | 77 | ||
| Mar2005 | 584 | $325,000 | $200.17 | 81 | ||
| Feb 2005 | 342 | $318,500 | $197.54 | 88 | ||
| Jan 2005 | 341 | $310,000 | $195.19 | 85 | ||
| Dec2004 | 450 | $312,500 | $190.72 | 77 | ||
| Nov2004 | 448 | $309,950 | $191.62 | 63 | ||
| Oct2004 | 512 | $299,250 | $188.72 | 53 | ||
| Sep2004 | 496 | $292,750 | $185.78 | 61 | ||
| Aug2004 | 505 | $285,000 | $182.95 | 56 | ||
| Jul2004 | 544 | $304,300 | $179.28 | 61 | ||
| Jun2004 | 533 | $285,000 | $172.16 | 65 | ||
| May2004 | 476 | $278,750 | $169.64 | 65 | ||
| Apr2004 | 526 | $259,950 | $158.08 | 67 | ||
| Mar2004 | 508 | $245,000 | $142.56 | 71 | ||
| Feb 2004 | 365 | $237,000 | unavailable | 81 | ||
| Jan 2004 | 380 | $228,500 | unavailable | 78 | ||
| Dec2003 | 441 | $240,000 | unavailable | 82 | ||
| Nov2003 | 444 | $220,750 | unavailable | 78 | ||
| Oct2003 | 430 | $219,880 | unavailable | 76 | ||
| Sep2003 | 587 | $223,000 | unavailable | 71 | ||
| Aug2003 | 512 | $220,000 | unavailable | 75 | ||
| Jul2003 | 533 | $210,000 | unavailable | 77 | ||
| Jun2003 | 475 | $207,000 | unavailable | 77 | ||
| May2003 | 450 | $198,950 | unavailable | 85 | ||
| Apr2003 | 478 | $197,750 | unavailable | 82 | ||
| Mar 2003 | 428 | $192,000 | unavailable | 77 | ||
| Feb 2003 | 321 | $186,895 | unavailable | 79 | ||
| Jan 2003 | 316 | $186,000 | unavailable | 96 | ||
| Dec 2002 | 379 | $193,500 | unavailable | 93 | ||
| Nov 2002 | 423 | $190,000 | unavailable | 82 | ||
| Oct 2002 | 483 | $189,900 | unavailable | 83 | ||
| Sep 2002 | 410 | $174,000 | unavailable | 85 | ||
| Aug 2002 | 459 | $180,000 | unavailable | 74 | ||
| Jul 2002 | 469 | $176,000 | unavailable | 83 | ||
| Jun 2002 | 445 | $185,000 | unavailable | 80 | ||
| May 2002 | 470 | $178,450 | unavailable | 77 | ||
| Apr 2002 | 360 | $169,500 | unavailable | 93 | ||
| Mar 2002 | 377 | $169,000 | unavailable | 84 | ||
| Feb 2002 | 323 | $170,900 | unavailable | 89 | ||
| Jan 2002 | 269 | $172,475 | unavailable | 99 | ||
| Dec 2001 | 287 | $182,000 | unavailable | 86 | ||
| Nov 2001 | 323 | $161,500 | unavailable | 85 | ||
| Oct 2001 | 357 | $166,500 | unavailable | 79 | ||
| Sep 2001 | 355 | $168,000 | unavailable | 81 | ||
| Aug 2001 | 448 | $160,350 | unavailable | 84 | ||
| Jul 2001 | 433 | $169,900 | unavailable | 90 | ||
| Jun 2001 | 426 | $166,225 | unavailable | 96 | ||
| May 2001 | 404 | $162,050 | unavailable | 97 | ||
| Apr 2001 | 370 | $158,750 | unavailable | 94 | ||
| Mar 2001 | 385 | $159,900 | unavailable | 97 | ||
| Feb 2001 | 297 | $159,950 | unavailable | 104 | ||
| Jan 2001 | 264 | $165,000 | unavailable | 102 | ||
| Dec 2000 | 272 | $156,500 | unavailable | 100 | ||
| Nov 2000 | 355 | $154,500 | unavailable | 93 | ||
| Oct 2000 | 348 | $153,000 | unavailable | 98 | ||
| Sep 2000 | 356 | $160,000 | unavailable | 104 | ||
| Aug 2000 | 412 | $163,375 | unavailable | 94 | ||
| Jul 2000 | 368 | $155,000 | unavailable | 110 | ||
| Jun 2000 | 466 | $165,845 | unavailable | 104 | ||
| May 2000 | 363 | $158,000 | unavailable | 105 | ||
| Apr 2000 | 312 | $155,000 | unavailable | 113 | ||
| Mar 2000 | 339 | $162,700 | unavailable | 102 | ||
| Feb 2000 | 248 | $148,000 | unavailable | 108 | ||
| Jan 2000 | 223 | $156,000 | unavailable | 113 | ||
| Dec 1999 | 264 | $155,000 | unavailable | 118 | ||
| Nov 1999 | 293 | $149,900 | unavailable | 98 | ||
| Oct 1999 | 289 | $147,895 | unavailable | 108 | ||
| Sep 1999 | 311 | $157,000 | unavailable | 106 | ||
| Aug 1999 | 360 | $148,500 | unavailable | 112 | ||
| Jul 1999 | 375 | $147,800 | unavailable | 105 | ||
| Jun 1999 | 372 | $150,000 | unavailable | 103 | ||
| May 1999 | 307 | $145,500 | unavailable | 106 | ||
| Apr 1999 | 324 | $151,700 | unavailable | 111 | ||
| Mar 1999 | 308 | $151,000 | unavailable | 121 | ||
| Feb 1999 | 249 | $148,900 | unavailable | 120 | ||
| Jan 1999 | 210 | $143,000 | unavailable | 115 | ||
| Dec 1998 | 265 | $140,000 | unavailable | 118 | ||
| Nov 1998 | 280 | $152,800 | unavailable | 126 | ||
| Oct 1998 | 286 | $142,825 | unavailable | 115 | ||
| Sep 1998 | 279 | $144,500 | unavailable | 102 | ||
| Aug 1998 | 331 | $145,000 | unavailable | 113 | ||
| Jul 1998 | 335 | $150,000 | unavailable | 108 | ||
| Jun 1998 | 351 | $148,500 | unavailable | 103 | ||
| May 1998 | 302 | $145,500 | unavailable | 99 | ||
| Apr 1998 | 237 | $148,000 | unavailable | 110 | ||
| Mar 1998 | 271 | $141,990 | unavailable | 115 | ||
| Feb 1998 | 204 | $139,000 | unavailable | 125 | ||
| Jan 1998 | 167 | $147,000 | unavailable | 129 |
Note: The medians table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – April 2012. Note: This information is deemed reliable, but not guaranteed.
Related post: February median sold price, units, DOM, $/sq.ft.
Carlo
I would have thought that what with there being no houses to buy, and bidding wars happening on every street corner, and buyers having to literally fight off each other to get to look at houses, that the median would have gone up a whole lot more than $5,000 from last month.
Maybe if all a buyer can pay is $150K, then that’s all he can pay, and no, he is not going to offer $180K in a bidding war. Ya think?
Adams
It is interesting that now after a whole year of hyper-increased sales volume, to the point, apparently, that inventory is near all time lows, creating alleged bidding wars and intense competition for the few available houses, that the median is down 6.3% YoY.
Twister
The letter V is starting to form. Dont know if we will bounce around here for the next few months or continue to move up since its hard to say whats in all those pendings. Certainly going to be some old inventory in there which could hold things back a little. Whats going to happen after most of that old inventory works its way through the system and you have many more houses selling after days on the market instead of years? I think you get a move in the median that goes much, much higher!
Martin
70% of all sales are for less than $200K.
87% of all sales are for less than $300K.
These percentages have been holding steady for at least two years, if not longer.
I am not sure how these numbers suggest we are seeing increased sales in the higher price bands.
Out of 516 sales, only 67 were for more than $300K. Only 32 were for more than $400K. Where is the increased activity in these price bands?
gomez
Martin,
67 sales @$300k and above is more than January and February COMBINED. I think anyone would consider that an increase in those price bands.
gomez
*correction* January and February had combined sales of 70 units @ $300k and above. Compared that to March’s 67 units sold @ $300k and above it’s obvious the higher end is experiencing significantly stronger sales activity.
tyler durden
this is historical data with lag time from time offer is accepted to when sale is closed…i suspect the in the pipeline closings will be 160-165K as short sales pending on higher priced properties are numerous
GratefulD_420
It’s funny to see folks wondering what this increased activity means… and where it is headed. It’s very, very simple.
Decreased inventory and increased demand means prices will head up. This type of shortage means prices will head up quickly. However, when there are no real items of substance to support such demand such as increased jobs, increased wages, increased population, etc, then it is clearly called a BUBBLE.
This Bubble is created by a few things..
#1 AB284 has eliminated the high moving, high demand inventory.
#2 Investors and other mild wealth individuals just mobilized their cash to take advantage of the high rental rate compared to ownership costs.
So the only question that should be a daily obsession of this BLOG, any BANK, and RE agent, any politician, any citizen, is WHEN will the problems caused by AB 284 be resolved?
My prediction is we are about to go from record sales to almost no sales. The RE market is about to come to a stand-still…. and then we will see some action on AB 284 from politics and from the Banks. Something WILL give. I believe in the serious slow-down cause after your first few suckers caught into the “heat of the market,” people will realize that all of the inventory left is either shite or dis-illusion-ed sellers.
Our focus should be to understand WHY AB 284 is stopping the banks in the foreclosure process? When will they begin to process the delinquent folks? Is anyone considering change to the law?
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